Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Gold Falls Below $4,000 as Strong Dollar and Fed Rate Hike Expectations Weigh on Prices 
Australia Jobs Growth Strengthens Rate Hike Outlook 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
White House Seeks $87.6 Billion Emergency Funding for Iran War, Farmers, and Ebola Response 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
Global currency markets turned volatile Monday as investors rushed to safe-haven assets following U.S. and Israeli airstrikes on Iran that reportedly killed Supreme Leader Ayatollah Ali Khamenei. The dramatic escalation in Middle East tensions fueled fears of a prolonged regional conflict, triggering sharp moves in the euro, Swiss franc, U.S. dollar, and oil prices.
The Swiss franc strengthened as risk aversion swept through markets, rising about 0.2% against the U.S. dollar to 0.7674 and jumping 0.6% versus the euro to 0.9030, its strongest level against the single currency since 2015. The euro slid 0.3% to $1.1781, pressured by concerns over Europe’s energy vulnerability. Analysts noted that with the EU entering its natural gas storage refill season at historically low levels, higher oil and gas prices could further weigh on the euro.
The U.S. dollar gained broadly as investors sought safety. The Japanese yen initially firmed but later weakened to 156.32 per dollar, constrained by Japan’s heavy reliance on imported oil. Risk-sensitive currencies also declined, with the Australian dollar dropping 0.7% to $0.7065. Sterling fell more than 0.5%, while China’s offshore yuan slipped 0.2%, reflecting China’s status as a major buyer of Iranian oil.
Oil prices surged roughly 9% in early Asian trading amid concerns over supply disruptions and potential closure of the Strait of Hormuz, a critical global energy shipping route. Shipping data showed at least 150 tankers carrying crude oil and liquefied natural gas anchored outside the Gulf, underscoring growing uncertainty in global energy markets.
Iran responded with reported strikes on U.S. and British oil tankers, while explosions were reported over Dubai and Doha. With Israel signaling further targets and U.S. officials suggesting the campaign could last weeks, financial markets remain on edge as investors closely monitor geopolitical developments and their impact on global oil prices and currency markets.
